SOMERSET, KY – Southeast Kentucky Economic Development Corp. (SKED) announces a new startup business loan fund for a four-county region in Southeast Kentucky.
The Cumberland Mountain RISE (Regional Investment in Small Enterprises) Loan Fund targets individuals starting new businesses in Knox, Whitley, Harlan, and Bell counties.
Individuals who meet the program’s eligibility requirements can apply for business loans of up to $10,000 at a 4% interest rate, with 6 months of zero interest and 4 years of amortization.
Loan recipients also receive free technical business assistance and training through SKED’s Be Boss Online digital marketing program.
SKED Economic Development Director Tal Jones will market the loan program in the four-county region and assist small business owners in applying for the loan funds.
Jones highlights the impact of the new loan fund, stating, “This new loan fund will put money and business expertise in the hands of those who are entering the small business arena. By providing flexible, low-interest loan funds, the Cumberland Mountain RISE Loan Fund will empower entrepreneurs in the Cumberland Mountain region to grow their creative ideas into thriving, full-time small businesses.”
Corbin Mayor Susie Razmus expressed support for the new loan fund and its potential, noting that it may be just what local entrepreneurs need to get the ball rolling on their small-business dreams.
“SKED has yet again created a wonderful opportunity for aspiring entrepreneurs to jumpstart their dreams of small business ownership, assisting them with their capital needs as well as training in navigating their new world of self-employment. Thank you, SKED!”
Corbin Mayor Susie Razmus
For more information on the Cumberland Mountain RISE Loan Fund, contact Tal Jones at (606) 546-1911 or Tal@skedcorp.com.
